Amalgamated Financial Corp. increases quarterly dividend by 17% to $0.14 per share, payable February 27, 2025.
Quiver AI Summary
Amalgamated Financial Corp. announced a 17% increase in its quarterly dividend, raising it from $0.12 to $0.14 per common share, payable on February 27, 2025, to stockholders of record on February 11, 2025. Future dividends will be determined at the discretion of the Board of Directors. Amalgamated is a Delaware public benefit corporation and bank holding company that operates Amalgamated Bank, which offers a range of commercial banking and financial services through its branches in major cities. Founded in 1923, Amalgamated Bank is committed to values-based banking and holds significant assets, including $8.4 billion in total assets and $4.5 billion in net loans as of September 30, 2024.
Potential Positives
- The Board of Directors has authorized a 17% increase in the quarterly dividend, signaling strong financial performance and commitment to returning value to shareholders.
- The increase in the dividend raises the payment to $0.14 per common share, which may attract more investors seeking consistent returns.
- The announcement of the dividend is a positive indicator of the Company’s financial health and stability, especially reflected in their substantial total assets of $8.4 billion as of September 30, 2024.
- Amalgamated Financial Corp. is identified as a certified B Corporation® and a member of the Global Alliance for Banking on Values, enhancing its reputation in sustainable banking practices.
Potential Negatives
- The announcement of only a modest $0.02 increase in the quarterly dividend may be perceived as a lack of strong financial performance or growth potential, potentially disappointing shareholders looking for more substantial returns.
- The discretion of the Board of Directors regarding future dividend payments suggests uncertainty about the company's ongoing profitability and financial stability.
- The overall financial metrics presented, including total assets of $8.4 billion and total deposits of $7.6 billion, may highlight a relatively small scale compared to larger competitors in the commercial banking sector, which might limit investor confidence.
FAQ
What is the new dividend amount for Amalgamated Financial Corp.?
The new quarterly dividend amount is $0.14 per common share, reflecting a $0.02 increase.
When will the dividend be paid to stockholders?
The dividend will be payable on February 27, 2025, to stockholders of record on February 11, 2025.
Who is Amalgamated Financial Corp.?
Amalgamated Financial Corp. is a public benefit corporation and bank holding company, operating Amalgamated Bank.
How many branches does Amalgamated Bank have?
Amalgamated Bank has five branches located in New York City, Washington D.C., and San Francisco.
What services does Amalgamated Bank offer?
Amalgamated Bank provides commercial banking, trust services, and financial products for both commercial and retail customers.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AMAL Insider Trading Activity
$AMAL insiders have traded $AMAL stock on the open market 74 times in the past 6 months. Of those trades, 0 have been purchases and 74 have been sales.
Here’s a breakdown of recent trading of $AMAL stock by insiders over the last 6 months:
- STATES REGIONAL JOINT BOARD, WORKERS UNITED WESTERN has made 0 purchases and 20 sales selling 724,275 shares for an estimated $25,849,924.
- REGIONAL JOINT BOARD, WORKERS UNITED ROCHESTER has made 0 purchases and 29 sales selling 620,684 shares for an estimated $21,580,764.
- UNITED WORKERS has made 0 purchases and 15 sales selling 528,590 shares for an estimated $18,169,606.
- UNITED CANADA COUNCIL WORKERS has made 0 purchases and 6 sales selling 169,831 shares for an estimated $5,182,238.
- SAM D. BROWN (SEVP, Chief Banking Officer) sold 8,269 shares for an estimated $276,241
- SEAN SEARBY (EVP, Chief Operations Officer) sold 8,000 shares for an estimated $273,141
- JASON DARBY (Senior Executive VP and CFO) sold 4,000 shares for an estimated $146,354
- MANDY TENNER (EVP, Chief Legal Officer) sold 3,242 shares for an estimated $105,732
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AMAL Hedge Fund Activity
We have seen 86 institutional investors add shares of $AMAL stock to their portfolio, and 59 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ADAGE CAPITAL PARTNERS GP, L.L.C. removed 816,543 shares (-53.3%) from their portfolio in Q3 2024, for an estimated $25,614,953
- BLACKROCK, INC. added 383,450 shares (+13.3%) to their portfolio in Q3 2024, for an estimated $12,028,826
- HILLSDALE INVESTMENT MANAGEMENT INC. added 122,808 shares (+inf%) to their portfolio in Q3 2024, for an estimated $3,852,486
- ALLIANZ ASSET MANAGEMENT GMBH added 118,474 shares (+100.3%) to their portfolio in Q3 2024, for an estimated $3,716,529
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 111,357 shares (+219.7%) to their portfolio in Q3 2024, for an estimated $3,493,269
- INVESCO LTD. added 108,243 shares (+281.1%) to their portfolio in Q3 2024, for an estimated $3,395,582
- JPMORGAN CHASE & CO added 89,444 shares (+18.7%) to their portfolio in Q3 2024, for an estimated $2,805,858
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Amalgamated Financial Corp. (“Amalgamated” or the “Company”) (Nasdaq: AMAL) today announced that its Board of Directors has authorized a $0.02 increase, or 17%, in the Company’s quarterly dividend to $0.14 per common share, payable by the Company on February 27, 2025, to stockholders of record on February 11, 2025. The amount and timing of any future dividend payments to stockholders will be subject to the discretion of the Board of Directors.
About Amalgamated Financial Corp.
Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country's oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation ® . As of September 30, 2024, our total assets were $8.4 billion, total net loans were $4.5 billion, and total deposits were $7.6 billion. Additionally, as of September 30, 2024, our trust business held $35.4 billion in assets under custody and $14.6 billion in assets under management.
Investor Contact
:
Jamie Lillis
Solebury Strategic Communications
[email protected]
800-895-4172
Source: Amalgamated Financial Corp.